World oil prices rose after Iran's statements about stopping two vessels that attempted to pass through the Strait of Hormuz, heightening concerns about the stability of global energy supplies. Reuters reports, writes UNN.
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Additional market concern was sparked by a drone attack on vessels in an Egyptian port on the Mediterranean Sea earlier this week. Against this backdrop, traders are closely monitoring the situation on one of the key oil transportation routes.
According to the Iranian side, the military stopped two vessels, and four more oil tankers were turned back after their intervention. At the same time, Reuters notes that these claims could not be independently verified.
Market fears oil supply disruptions
Despite Tehran's reports, two large oil tankers carrying cargo from the Gulf of Mexico still passed through the Strait of Hormuz — a narrow sea passage between Iran and Oman through which about a fifth of global energy supplies are transported.
According to data from Kpler, a company that tracks maritime traffic, two more commercial vessels also passed through the strait. However, the system does not account for ships moving with their transponders turned off.
Reuters notes that since the start of the five-month conflict, Iran has significantly restricted shipping through the Strait of Hormuz. In addition, Tehran's allies — the Yemeni Houthis — this month began threatening shipping in the Bab el-Mandeb Strait, another important route for Saudi oil exports via the Red Sea.
Against this backdrop, oil prices rose by more than 1% on Friday. Brent crude oil futures are expected to gain about 23% in July, and economists and analysts polled by Reuters forecast further increases in oil prices by the end of the year.
Oil rose by more than 1%, heading for a monthly gain31.07.26, 16:52